The process of creating an estate plan may seem like a cut and dried kind of endeavor. However, there are aspects of an estate plan that people commonly get wrong or disregard altogether. It is important for Michigan residents to understand the mistakes of others to ensure they are on the path to comprehensive estate planning for themselves and their family.
Perhaps the biggest mistake or misconception is the belief that people just don't need to create a will or start the process yet. It is reported that 64 percent of people don't have a will at all. It is recommended that anyone over 18 should have a will just to make things easier on loved ones in the event of an accident. It doesn't matter how much someone has financially -- anyone with a bank account should have a will.